GAIL announced a Rs. 1,083 crore buyback programme at a price of Rs. 190 per share.

  • March 31, 2022, 2:38 p.m.

New Delhi: State-run GAIL on Thursday said it intends to buyback Rs 1,082.72 crore worth of shares of the company under a share buyback plan. The plan, it told exchanges, is to buyback shares at a price not exceeding 5,69,85,463 fully paid-up equity shares of face value of Rs 10 each at a price of Rs 190. Shares of GAIL were trading 0.59 per cent higher at Rs. 154.30. The buyback price is at a 24 per cent premium over Wednesday's closing price of Rs 153.40.The company has fixed Friday, April 22, 2022, as the record date for the purpose of ascertaining the eligibility of shareholders for the buyback of equity shares. The buyback will be offered on a proportionate basis through a tender offer route in accordance with the Sebi Regulations, 2018.

The buyback size represents 2.50 per cent of the aggregate of the fully paid-up equity share capital and 2.22 per cent of free reserves as per the audited standalone and consolidated FY21 financial statements of the company, The buyback offer size, GAIL said, does not include any expenses incurred or to be incurred for the buyback, like filing fees payable to the Securities and Exchange Board of India, advisors' fees, public announcement publication expenses, printing, dispatch expenses, applicable taxes, inter alia, including buyback taxes, securities transaction tax, goods and services tax, stamp duty, and other incidental and related expenses. As of Friday, the government held a 51.45 percent stake in GAIL, FPIs 19.37 percent and mutual funds 9.09 percent, a revised shareholding pattern shared by the company suggests.

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

Related News